Based on the sample data from housing market along Nanhuan sector of Beijing-Guangzhou railway,this paper uses improved Hedonic Pricing Method to quantitavely analyze the impact of urban segmentation effect and railway noises on housing price.The result shows that the index of assets decrease caused by railway traffic noises,namely INDS,is -0.0043.Compared with the overseas study,the domestic INDS is much lower,which reflects the special environment and structural features of domestic housing market.Existence of Nanhuan sector of Beijing-Guangzhou railway has led to structural changes of the HPM model,which not only has affected the average housing price along the two sides of this railway but also has made the housing prices different.